On January 9, 2023, the Exchanges Committee of the Gulf Cooperation Council (“GCC”) published a set of unified indicators for voluntary ESG disclosures by local listed entities.
The Committee is chaired by the Saudi Exchange, and includes also the Abu Dhabi Securities Exchange, Bahrain Bourse, Boursa Kuwait, Qatar Stock Exchange, Muscat Stock Exchange, and the Dubai Financial Market. Although the indicators are for the time being voluntary and do not replace existing ESG disclosure guidelines issued by the GCC’s individual stock exchanges, they represent a significant development for entities and investors in the region. The ESG guidance also indicate that the direction of travel in the region may be towards further harmonization of sustainability-related regulations. This alert memorandum briefly summarises the structure and purpose of the GCC’s new guidance, and places them in the wider context of global emerging regulations on ESG disclosures for listed companies.
Please click here to read the full alert memorandum.